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President Trump said the North Sea was a “treasure chest,” but its high taxes were driving away oil producers.
July 29, 2025, 2:25 p.m. ET
During President Trump’s four-day visit to Scotland, he repeatedly attacked wind power and pushed Britain to drill more oil, calling the North Sea a “treasure chest” that Britain was missing out on because taxes were too high.
U.K. government ministers have “essentially told drillers and oil companies that, ‘we don’t want you.’” he wrote on Truth Social on Tuesday. “Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people!”
Oil output from the North Sea has been in steep decline over recent decades, and production is expected to continue to drop. But it’s still a significant source of energy and jobs for Britain and has become a political lightning rod for Prime Minister Keir Starmer.
Mr. Trump’s remarks came as he opened a new golf course at his resort in Aberdeenshire, a hub for oil production in the North Sea.
Britain’s tax on oil companies is one of the highest rates globally.
While the previous Conservative government promised to “max out” North Sea oil and gas production, Mr. Starmer’s Labour government campaigned on a pledge to invest in clean energy, including wind and nuclear power. The world has reached record levels of heat, and scientists say this is driven largely by the burning of fossil fuels.
Mr. Starmer increased the tax rate on profits from oil and gas extraction to 78 percent — one of the highest rates globally — after he took office. But taxes had increased significantly under the previous Conservative government, when oil prices surged after Russia’s invasion of Ukraine. As oil prices have fallen, other countries in Europe have reduced their taxes on oil companies, but Britain has not.
